NORTH ATTLEBOROUGH, MASS. — BWE has provided a $13.1 million Freddie Mac acquisition loan for Branches of North Attleboro, a 104-unit seniors housing property in North Attleborough, located near the Massachusetts-Rhode Island border. The property offers assisted living and memory care services and amenities such as a salon, fitness center, library, courtyards and various recreational spaces. Taylor Mokris and Ryan Stoll of BWE originated the nonrecourse, fixed-rate loan on behalf of the undisclosed borrower. Benchmark Senior Living operates the property.
MADISON, WIS. — Associated Bank and Johnson Financial Group have originated a $13 million construction loan and a $41.6 million tax-exempt bond loan for the development of Rise Madison. The Wisconsin Housing Preservation Corp. is developing the affordable housing project in the state’s capital. The 4 percent Low-Income Housing Tax Credits project will provide affordable housing for both seniors and families. The senior financing structure will take the form of tax-exempt bonds issued by the Wisconsin Housing and Economic Development Authority and held by both Associated Bank and Johnson Financial Group. Bryan Schreiter of Associated Bank and Steve Sosnowski of Johnson Financial Group handled the loan arrangements and closing. The four-building project is situated on Rise Lane. Units will be offered to tenants with income levels at or below 80 percent of the Dane County median income. Two five-story buildings will be marketed for families. One will have a total of 110 units while the other will feature 77 units. A three-story building will have a total of 46 units designed for senior living. The fourth building will consist of 12 two-story townhomes. Older buildings on the project site have been demolished, and phased construction is underway. The first building …
CARY, ILL. — Dandelion Development LLC has acquired the newly constructed Haber Pointe Senior Luxury Apartments in Cary, about 44 miles northwest of Chicago. The purchase price was $4.5 million. The 24-unit property totals 24,177 square feet. Paul Proana of Coldwell Banker Commercial and Heather Schweitzer of Premier Commercial Realty brokered the transaction. Foxboro Group LLC was the seller.
MINNEAPOLIS, EDINA AND PLYMOUTH, MINN. — The Inland Real Estate Group of Cos. has acquired three seniors housing communities in metro Minneapolis for an undisclosed price. A JLL seniors housing capital markets team arranged acquisition financing on behalf of Inland. The Waters Senior Living will continue to manage the communities for Inland. The portfolio consists of The Waters of Edina, The Waters of Plymouth and The Waters on 50th. The three properties consist of 321 units, including 223 units for independent living/assisted living and 98 units for memory care. The communities were constructed in the past 10 years.
BILOXI, MISS. — Hunt Capital Partners has transferred ownership of Cadet Point Senior Village, an affordable seniors housing community in Biloxi, back to Biloxi Community Development Corp., the nonprofit arm of the Biloxi Housing Authority. Developed in 2007, the property comprises 76 units. Hunt Capital transferred ownership back to the civic organization in late November following negotiations accounting for the operational expense challenges at the property. According to Hunt Capital, Cadet Point has experienced insurance premium increases totaling more than 65 percent over the past five years due to its exposure to hurricanes. Biloxi Community Development will have full control of development and operational decisions at Cadet Point.
SEATTLE — Senior Living Investment Brokerage (SLIB) has arranged the sale of Emerald City, a 119-unit assisted living and memory care community in Seattle. Emerald City features 99 assisted living and 20 memory care units. It was built in 2006 with renovations in 2017. The property totals 88,839 square feet on approximately 0.8 acres of land. The seller was an out-of-state private equity group with a third-party operator. The buyer was an experienced regional owner-operator looking to expand its footprint in the Seattle MSA. The price was not disclosed. Jason Punzel, Brad Goodsell, Vince Viverito and Jake Anderson of SLIB handled the transaction.
BELLWOOD, ILL. — Evergreen Real Estate Group has completed Bellwood Senior Apartments, an 80-unit affordable seniors housing community in Bellwood, a western suburb of Chicago. The $31.5 million project replaces a former Walgreens store that had been vacant for nearly five years. The four-story development offers 76 one-bedroom and four two-bedroom apartments for seniors age 62 or older with incomes at or below 60 percent of the area median income (AMI). Evergreen says the building is 40 percent leased and will reach full occupancy in the next few months. Weese Langley Weese Architects designed the project. F.H. Paschen served as general contractor on the development. Financial partners for Bellwood Senior Apartments include the Illinois Housing Development Authority as the tax credit issuer (both Low-Income Housing Tax Credits and Illinois Affordable Housing Tax Credits) and subordinate funds provider; the Village of Bellwood, which provided a TIF loan; Bank of America, which is the investor and construction loan lender; Hudson Housing Capital, which syndicated the tax credits; Cook County, which provided HOME funds; and the ComEd Energy Efficiency Program.
HUNTINGTON, W.VA. — Cornerstone Community Development Corp. plans to convert the historic Prichard Hotel in downtown Huntington into an affordable seniors housing property. The $51 million renovation will comprise converting the former hotel rooms into 108 residential living spaces, as well as repositioning the first two floors for healthcare services and additional community resources. Cornerstone Community Development’s partners on the project include Christ Temple Church, Winterwood Development and CVS Health, which is investing more than $17 million in the project. The timeline for construction was not disclosed.
MIRAMAR, FLA. — Pinnacle has obtained $41.2 million in construction financing for Pinnacle at La Cabana, a 110-unit affordable seniors housing development in Miramar, a city in South Florida’s Broward County. The financing included debt or LIHTC equity from Bank of America, Neighborhood Lending Partners, Florida Housing Finance Corp., City of Miramar and United Way of Broward County. Located at 8911 Miramar Parkway, the development is a public-private partnership between Pinnacle and the City of Miramar, which is the landowner. Pinnacle at La Cabana will feature one- and two-bedroom apartments, with 11 units reserved for seniors earning 28 percent of the area median income (AMI) and the remaining affordable to seniors earning 60 percent of AMI. Amenities will include indoor and outdoor multi-purpose facilities. Completion of the project is estimated for mid-2025.
TUPELO, MISS. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Avonlea Assisted Living, a 68-unit seniors housing property in Tupelo. The community was built in 1999 and renovated in 2005. The seller is a publicly traded REIT. The buyer is a regional owner-operator based in Mississippi that intends to renovate the asset and make significant upgrades to improve occupancy, revenue and overall bottom-line performance. The sales price was not disclosed. Bradley Clousing and Daniel Geraghty of SLIB brokered the transaction.